Global Tensions Rise Amid Trade Wars, Defense Debates, and Diplomatic Talks

The UK is preparing for potential nationalization of British Steel amid economic challenges. China's counter-tariffs escalate the trade war with the U.S., complicating global markets. Russia's drone attacks heighten tensions in Ukraine. Meanwhile, high-stakes diplomacy unfolds between the U.S. and Iran, and Italy deliberates defense spending amid shifts in EU policy.

The UK's government is contemplating nationalizing British Steel as lawmakers reconvene for urgent talks. The blast furnaces' future hangs in the balance, as funding for environmentally friendly operations has stalled.

China raised tariffs on U.S. imports, further escalating a trade conflict launched by President Donald Trump. Volatile economic ramifications have followed, as investors shift to safer assets.

Elsewhere, Russia's drone assaults on Ukraine have caused injuries and infrastructure damage, tensions remain high. Other geopolitical narratives include U.S.-Iran nuclear discussions and Italy's stance on defense spending under the EU's budget frameworks.

(With inputs from agencies.)